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Preliminary Announcement of AFC Group Holdings Limited

29/6/2020, 3:27 pm FLLYR

Preliminary Announcement of AFC Group Holdings Limited

Financial Results

The financial statements of AFC Group Holdings Limited (“AFC Group”) are still in the process of being audited for the year ended 31 March 2020. The Company reports an unaudited net loss attributable to shareholders of $1,170,553 for the year. This compares with a net loss attributable to shareholders of $980,148 for the previous year. The decline in profit was mainly caused by the loss of sales in China during the Chinese New Year COVID-19 lockdown, and an increase in the provision of inventory. The net assets were NZ$2.56 million, Cash and cash equivalent products were NZ$ 0.2 million, and fixed asset was NZ$2.39 million. The annual sales revenue for the year ended 31 March 2020 was NZ$1.24 million. The market capitalisation value was NZ$3.66 million.

Please refer to the attached Unaudited Annual Results Announcement for the detailed results.

Outlook

In the 2021 financial year AFC aware of how uncertain of the future is. The world is facing a very unpredictable short-term future. AFC plans to continue with its strategy to become a connection bridge between New Zealand and China. To deliver on this strategy, AFC has developed a list of actions to enable revenue growth and return value to our shareholders:
1. AFC implemented a new Livestreaming selling strategy in China.
2. AFC has renegotiated with the Landlord to have a 25% reduction in rent for three months.
3. AFC has started the restructure process to cut costs.
4. All directors of AFC will continue to take a 30% reduction in remuneration.

On behalf of the Directors of AFC, the Company extends its thanks to the shareholders for their support of the Company.

Annual Report and Annual Meeting

AFC expect to release our Annual Report before the end of August, and we are planning to hold our Annual Meeting in early October 2020.

On behalf of the Board of Directors

Hao Long
Director
29/06/2020

For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000

https://www.nzx.com/announcements/355413

June 29, 2020 AFC News
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